NEW DELF N early a year after barring Cashfree Payments and Razorpay from onboarding new merchants on their payment aggregator (PA) platforms, the Reserve Bank of India last month lifted the ban and granted them final PA licence.
Ever since, there has been a "significant pent-up demand among businesses eager to utilize Cashfree Payments services," Akash Sinha, CEO and co-founder of the Bengaluru-based payments company told Mint.
"Since obtaining the PA licence, we have already onboarded over 25,000 accounts (or merchants) that were pending for the past 12 months. With expectations of 45,000 to 50,000 monthly merchant leads going forward, we are confident of a sustained growth of our platform," he added.
When there were no new business/ merchants coming onto its payments platform due to the regulatory ban, the once-profitable Cashfree-which claims to have about 3-4 lakh merchant base-said it invested more time developing new products and building new lines of businesses.
Esta historia es de la edición January 19, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 19, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Retirement Ready? Here Are Some Essential Tips For Financial Security
57% of urban Indians worry their retirement savings will deplete within a decade
PAN 2.0 must aim to end fraud via impersonation
It's welcome that tax authorities are simplifying processes for holders of permanent account numbers. The tech overhaul should also ensure sufficient checks to minimize PAN-theft fraud
Capturing the vintage romance of Havana
The photographs focus on the resilience of Cubans—of keeping music, dance, and laughter alive in the face of various challenges
A treasure trove of recipes from Jahangir's royal kitchen
Food historian Salma Yusuf Husain has translated a 17th century Persian manuscript with 120 rare recipes
Eye contact at meetings must get the attention it needs
Remote work is here to stay but virtual meeting platforms have not addressed their key point of inferiority
Economic advice for Trump and Powell: First, do no harm
Policy moves should help sustain business dynamism in America
Internal audit: AI will transform it by staying vigilant in real time
Embracing tools of artificial intelligence will enable IA to play a vastly enhanced role in delivering value to organizations
We should fix the business of opinion polling in India
Pollsters need self-regulatory mechanisms that can set standards and ensure transparency
Resolving disputes over public procurement: Let's aim higher
It has been a pivotal year for reforms but India needs more to vie for leadership in dispute resolution
Are multi-asset funds a good option amid the market rally?
MAAFs are structured to invest in a mix of asset classes, offering diversification benefits